Briefly examples of informal business and types of of business
Answers
Explanation:
Examples of the informal sector
The workers in this sector also include hawkers, marketers, vendors, artisans, small veranda (khondes) businesses and cross border traders.
The four ways in which a business may be set up are: Sole Proprietorship, Partnership, Corporation, and Limited Liability Company or LLC. 1. Sole Proprietorship – This is the most simple business entity there is. As the name implies, the establishment has just one owner.
Hope it helps mate please mark it as brainlist
Answer:
Example of Informal sector:-
The workers in the sector also includes hawkers, marketers,vendors, artisan, small venreda(khondes)business and cross border traders.
THERE ARE 4 TYPES OF BUSINESS.
1. SERVICE BUSINESS:- A service type of business provides intangible products (products which no physical farm)service type firms offer professional skills, expertise, advice and some other products.
Example:- salon,repair shops, school , banks, accounting firms and law firms.
2.MERCHANDISING BUSINESS:- This type of business products at wholesale price and sells the same at retail price. They are known as "buy and sell" businesses. They make profit by selling the products at prices higher than their purchase costs.
A merchandising business sells a product without changing its form. Examples are: grocery stores, convenience stores, distributors, and other
3. MANUFACTURING BUSINESS:- Unlike a merchandising business, a manufacturing business buys products with the intention of using them as materials in making a new product. Thus, there is a transformation of the products purchased.
Unlike a merchandising business, a manufacturing business buys products with the intention of using them as materials in making a new product. Thus, there is a transformation of the products purchased.A manufacturing business combines raw materials, labor, and overhead costs in its production process. The manufactured goods will then be sold to customers.
4.HYBRID BUSINESS:-:- Hybrid businesses are companies that may be classified in more than one type of business. A restaurant, for example, combines ingredients in making a fine meal (manufacturing), sells a cold bottle of wine (merchandising), and fills customer orders (service).